March 2024: ETH Hit $4000, What Else Happened In The Ethereum Ecosystem?
This report explores and analyzes Ethereum price and ecosystem developments, as well as notable events that happened in March 2024.
Key takeaways:
Founded in 2013 by Vitalik Buterin, Ethereum serves as a distributed blockchain computing platform designed for the execution of smart contracts and decentralized applications (DApps). The network enables users to create and innovate extensively with smart contracts, catalyzing the emergence of various assets and industries such as decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), Web3, and beyond. At its core, Ethereum features an execution engine tailored for smart contract processing, known as the Ethereum Virtual Machine (EVM). In addition, Ethereum employs a proof-of-stake (PoS) consensus mechanism, which enhances its scalability and sustainability.
On March 11, the Ethereum price hit $4,000 for the first time since 2021. However, after rallying to $4,094 leading up to the Dencun upgrade, ETH underperformed compared to Bitcoin (BTC) and the broader crypto market over the past month. The Ethereum price fell to its low for the month of $3,367 on March 20 and closed the month at $3,636.
The potential approval of a spot Ether exchange-traded fund (ETF) remains an important catalyst for ETH to rise above the $4,000 mark. The United States Securities and Exchange Commission (SEC) is currently evaluating the matter, with a final decision expected by May 23.
Furthermore, recent updates to the Ethereum protocol should not be underestimated. The Dencun hard fork, which took place on March 13, was designed to increase network scalability and improve Layer 2 (L2) data processing capabilities and has attracted strong interest
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